The Best Balance Transfer Deals Right Now

Are you looking to save money and pay down your debt faster? One way to do this is to transfer your balances to a 0% interest balance transfer card.

If you are a current or former employee of the Armed Forces or the defence Department or a family member of an employee, you may be eligible for a fee-free balance transfer with 0% interest through the Navy Federal Credit Union. For the rest of us, the best balance transfer deal on offer right now is the Citi Platinum Select Mastercard, according to Credit-Land.com.

The Navy Federal offer is open to new and existing cardholders. Transferred balances up to $30,000 will accrue no interest for 12 months, and there is no fee. The offer applies to a variety of Navy Federal cards with varying interest rates on purchases.

“This is an unprecedented offer in the card industry today,” Randy Hopper, Navy Federal’s credit card portfolio manager, said in a statement. “While other issuers have 0% balance transfer rate offerings, they typically include a balance transfer fee of 3% to 7%, which can cost cardholders up to $350 on a $5,000 balance, but Navy Federal’s offer has no fees.”

Thus far, he seems to be right. But the Citi Platinum Select Mastercard comes in at the low end of the fee scale at 3% or $5, whichever is greater. And its introductory period is one of the longest available. Your transferred balance — and your purchases, too — will be interest-free for 21 months.

Obviously nothing beats an interest-free, fee-free balance transfer, but this card can still save you a hefty amount in the long run if you transfer a large balance. If you leave that $5,000 balance Hopper mentions on a card with an 18% APR, you’ll pay $1,575 in interest in 21 months, compared with a $150 fee if you make the transfer. And since your money won’t be going to interest payments, you can pay that balance off faster.